February 1, 2023

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Binance proof-of-reserves is ‘pointless without liabilities’: Kraken CEO

Binance proof-of-reserves is 'pointless without liabilities': Kraken CEO
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOWZkZjk5NGEtYmRmZi00OTAwLWI4ZGQtODI0OWRiZjkzMDE4LmpwZw==.jpg"></p><p>According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets.</p>

According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets.